RBI Considers Introducing UPI for ATM Withdrawal

Published on April 11, 2022
Current Context: Post the 1st Bi-monthly Monetary Policy Committee (MPC) meeting, RBI Governor Shri Shaktikant Das indicated the rolling out of UPI as a mode of ATM withdrawal.
RBI Considers Introducing UPI for ATM Withdrawal
  • UPI (Unified Payment Interface) will be used to scan the QR Code displayed on the ATM Screen to process the withdrawal.
  • It includes 2 stage verification for better authentication. The transaction would be secure and would replace the risk of card cloning and skimming.
  • As of now, 900 million ATM Cards are issued to the customers. Though very popular amongst the users, with digital literacy improving UPI as a mode of payment, will improve the service.
  • As per RBI’s Financial Inclusion Index 2021, financial inclusion is at a tune of 53.9 percent as of March 2021. This augments the scope for better financial penetration of UPI-based ATM Withdrawal.

Question:

Q.1 Which organization releases Financial Inclusion Index?
a. SEBI
b. World Bank
c. RBI
d. IMF
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